CCI approves amalgamations of Chaitanya India Fin Credit Private Limited and Svatantra Holdings Private Limited into Svatantra Microfin Private Limited

The Competition Commission of India has  approved amalgamations of Chaitanya India Fin Credit Private Limited and Svatantra Holdings Private Limited into Svatantra Microfin Private Limited.

The proposed transaction relates to the amalgamation of Svatantra Holdings Private Limited (SHPL) and Chaitanya India Fin Credit Private Limited (CIFCPL) into Svatantra Microfin Private Limited (SMPL), through the Scheme of Amalgamation entered into between SHPL, CIFCPL, SMPL and their respective shareholders as has been approved by the board of directors. Further, as a consequence of the foregoing, Svatantra Micro Housing Finance Corporation Limited (SMHFCL) will become a wholly owned subsidiary of SMPL.

SHPL is engaged in the business of making investments in equity shares, preference shares and other securities. It is an unregistered Core Investment Company in terms of Core Investment Companies (Reserve Bank) Directions, 2016.

SMPL is engaged in the business of providing micro finance loans and personal loans to low-income individuals and households in rural/semi-urban areas. SMPL is a middle layer non-deposit taking Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) registered with the RBI.

CIFCPL is engaged in the business of providing micro finance loans and personal loans to low-income individuals and households in rural/ semi-urban areas. CIFCPL is a middle layer non-deposit taking NBFC-MFI registered with the RBI. in 2009.

SMHFCL is a registered Non-deposit Taking Housing Finance Company (NBFC HFC) (Middle Layer) and is engaged in the business of providing secured housing loans to the financially excluded rural and urban low-income families, loans to individuals against property and loans to corporations/institutions for construction/real estate projects.

Detailed order of the Commission will follow.